Trade associations have welcomed a fall in inflation rates, but warned that both businesses and consumers continue to face challenges. The UK inflation rate fell to 7.9% in June, down from 8.7% in May, driven by a drop in motor fuel prices. The Office for National Statistics said that food prices rose in June 2023, but by less than in June 2022, also leading to…

The government has announced plans to freeze alcohol duty for a further six months. The Treasury said late yesterday (December 19) that while new duty rates were scheduled to come in on February 1, the revised date of August 1 will now align with duty reform plans. Exchequer secretary to the Treasury, James Cartlidge, said further decisions on duty rates will be…

The trade has reacted to news that new chancellor Jeremy Hunt will now reverse plans to freeze duty on alcohol, less than a month after former chancellor Kwasi Kwarteng made the announcement.  In late September, Kwarteng said: “At this difficult time, we are not going to let alcohol duty rates rise in line with RPI. “I can announce that the planned increases in…

The government has scrapped plans to increase the duties on beer, cider, wine and spirits. The move was announced today as part of chancellor Kwasi Kwarteng’s ‘mini-budget’. “At this difficult time, we are not going to let alcohol duty rates rise in line with RPI,” he said. “So, I can announce that the planned increases in the duty rates for beer, for cider, for wine,…

As the cost of living continues to rise, headlines for chancellor Rishi Sunak’s 2022 Spring Statement will likely centre around the 5p per litre reduction in fuel duty. And while that will ease some supply chain pressures, there are other gains and losses for drinks retailers and suppliers. The Association of Convenience Stores (ACS) called Sunak’s statement a “temperate package of support measures to help…